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2.2 Part II: The formal elements of a written contract

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In Part II, you will learn the formal elements of every written business contract and how to properly make use of them when writing your own. These elements include the date, the parties to the contract, and what are known as the contractual terms, which refer to the rights and obligations set out in the contract.

As part of our consideration of the terms, we will take a special look at “limits of liability” in order to consider how they operate to contractually reduce or eliminate your exposure to certain kinds of legal claims.

Finally, we will consider those terms that are often derisively referred to as the boilerplate. The boilerplate, as you will learn, is simply language that, because of its broad legal applicability and significance, can be found in almost every contract. We discuss what the boilerplate is, provide examples, and show you why the derision is misplaced.

Canadian Business Contracts Handbook

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